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#1
10-18-2005, 05:32 AM
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Trying to build a plan
Hey, first if this is in the wrong forum, my bad and please mve it, but i didn't see a more appropriate one.
-- I'm trying to plan out, well pretty much what the rest of my life is going to cost, and i dont know what some of the things cost, so i thought i'd ask for sample #'s from people here. Health Insurance for just myself? Health Inrurance for me and my wife? Health Insurancee for a family? (one or two kids) Life Insurance for me and my wife? Electric Bill for a family? Water Bill for a family? Gas Bill (for a home w/ Gas heating)? Property Tax? Home Insurance? Any other expenses you think a 20 year old would be forgetting? I appreciate any help. Thanks, Ray edit: I realize some/most of these things will be a case by case basis, but i just need a number somwhere in the right ballpark. 
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#3
10-18-2005, 06:46 AM
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Re: Trying to build a plan
The average cost of a child is on $160k from birth to 18 then need to add in potential college fees. Theres osme figures for the UK that could nake it as much as $400-500k dependant on how much childcare costs (the exchange rate probably inflates this a bit).
Pension provision?
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#4
10-18-2005, 07:01 AM
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Re: Trying to build a plan
[ QUOTE ]
The average cost of a child is on $160k [/ QUOTE ] Nice. I'll need that for the 2nd part of my plan. My "Next 5 Year" plan (5 year is my estimate before i marry my GF/start a family) consists so far of: <font class="small">Code:</font><hr /><pre> Description Cost Interval Yearly Cost Breakfast 5 Daily 1825 Lunch 10 Daily 3650 Dinner 15 Daily 5475 Gasoline 50 Weekly 2600 Clothing 50 Monthly 600 Car Insurance 2500 Yearly 2500 Electronics 1500 Yearly 1500 Dates 50 Weekly 2600 Gifts - GF 500 Yearly 500 Gifts - Other 250 Yearly 250 Haircuts 12 Monthly 144 Misc. Food 25 Weekly 1300 Metro's Tickets 250 Yearly 250 Travel to Tampa 1000 Yearly 1000 Car Maintenance 300 Yearly 300 Cable Bill 65 Monthly 780 Cable Modem 40 Monthly 480 Cell Phone 25 Monthly 300 </pre><hr /> <font class="small">Code:</font><hr /><pre>Total Cost 26054 Cost/Month 2171.166667 Cost/Week 501.0384615 Cost/Day 71.38082192 </pre><hr /> Currently, i don't pay rent (live with my dad), and probably won't until i get kicked out of current school, so that's atleast till January, Most likely till may, and possibly not for a while. Any obvious expenses i'm missing for the next 5 years? After that, i still need the numbers for items i listed above.
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#5
10-18-2005, 07:05 AM
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Re: Trying to build a plan
Nights out? NOtice you have dates at $50 once start going to bars and clubs etc at 21 maybe gigs and stuff I suspect you would need more put aside for that.
Also make sure when budget is complete to add a contingency.
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#6
10-18-2005, 07:16 AM
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Re: Trying to build a plan
Dont be a budget boy.
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#7
10-18-2005, 08:11 PM
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Re: Trying to build a plan
I highly doubt you will listen but you really need to stay in school and get your [censored] done. Sure this plan is a step in the right direction but unfortunately life will constantly throw you curve balls and your so called plan will take a hit. I don't want you to take any offense but theres so much that can happen lunch or dinner dates at nice places and that'll kill your budget and they'll add up throughout the year and throw off your whole budget. I'd als have to think you'd have to give your budget at least 5000+ or so leeway which would be like 450 extra per month in expenses? So that'd bring your budget up to something like 31k? So your 20 years old with no education and no goals to get one considering you'll be quitting..I don't know where you'll get your money..So basically draw on some inspiration like if you really would like to get married and have a wife and [censored] then prepare for it man ..Im sure anyone here will vouch and say having a family a kid or two would not be fun with no formal education...Stay in school dude! I hope this helps.
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#8
10-18-2005, 08:35 PM
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Re: Trying to build a plan
[ QUOTE ]
By the way, you do realize that by buying groceries and preparing meals you could easily knock off 25% of your current budget right? [/ QUOTE ] I figured those nuumbers i put for breakfast/lunch/dinner would be the high ranges, so i'd be preparign for the "worst". -- and yea i was going to include 3-5k as extrta into the "budget" and it's easy to say "stay in school" i'm not consciously deeciding not to go to class, i just can't get myself to do it, and i'm just trying to be realistic because the chancees of me graduating college anytime in the near future, are very slim. I'd be better off if i try and find a source of income that can work for me. -- And as for the person that suggested Rich Dad Poor Dad, i just read the thread about that and it sounds like a good book, an di'll be picking it up next time i'm out of the house.
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#9
10-18-2005, 07:51 PM
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Re: Trying to build a plan
Health Insurance for you - $150/month
+ wife - double it + kids - $500 (?) /month Life Insurance for you + wife - $1000 a year Electric/Water/Gas - $100/month Property Tax - Varies a lot by state - anywhere from $1k-$5k per year based on area and first home value Home Insurance - $600-$1000/yr A lot of these are rough guesses but should be ballpark. By the way, you do realize that by buying groceries and preparing meals you could easily knock off 25% of your current budget right?
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